Before listing a house, an agent pulls recent sales of similar homes, adjusts for differences, and arrives at a recommended price range. That report is a comparative market analysis, or CMA. It is the agent’s practical estimate of what the property should bring in the current market.

The CMA examines sold properties, active listings, and expired listings. Adjustments account for square footage, condition, upgrades, lot size, and location. Unlike a formal appraisal, a CMA is not performed by a licensed appraiser and is not used for lending purposes.

Sellers rely on CMAs to avoid overpricing or leaving money on the table. Buyers use them to decide whether an asking price is reasonable. A well-prepared CMA is grounded in local data rather than guesswork or emotion.

In a shifting market, the quality of the comparables determines the usefulness of the analysis.